First-generation wealth still dominates fortunes in emerging markets, meaning that companies started by entrepreneurs in these regions haven’t yet established recognisable global brands.

These are among the main findings of a new study by Forbes Insights and Societe Generale Private Banking, which found the majority – 78% – of emerging-market fortunes were first-generation and came from entrepreneurial ventures. Only 20% of those surveyed had inherited their wealth.

This had an important bearing on the international success of the businesses created in these parts of the world, said the research, with just 6% of the world’s 2,000 biggest companies owned or co-owned by billionaires from central and eastern Europe, Africa and the Middle East. That was despite the fact that these individuals accounted for 14% of the world’s billionaires.

Entitled Emerging Markets: Joining the Global Ranks of Wealth Creators, the report was based on a survey of 250 ultra-high net worth individuals in 22 countries in Africa, central and eastern Europe, and the Middle East.

It also found that 98% of wealth creators in these regions were men. More than 30% of those surveyed had interests in more than one industry, while 18% had focused on banking, 13% on oil, and 11% on real estate.

But what do emerging-market billionaires like to spend their money on? According to the report, 39% chose to invest in the ownership of a sport team, while 35% preferred philanthropy. More than one in four focused on politics – 27% – and 23% invested in arts.